SLANG Worldwide Enters into Waiver and Support Agreement with Secured Lenders in Anticipation of Upcoming Maturity Date

Core Viewpoint - SLANG Worldwide Inc. has entered into a waiver and support agreement with secured lenders in anticipation of the upcoming maturity date of its credit agreement, indicating potential financial distress and the need for restructuring [3][4]. Financial Condition - The company has a maturity date under its credit agreement set for November 15, 2024, and does not anticipate being able to repay the amounts owed at that time [4][5]. - A payment of US$1.75 million has been agreed upon with the lenders in exchange for a standstill on any actions under the credit agreement until the maturity date or specified termination events occur [4]. Strategic Actions - The board of directors and management are evaluating the company's financial condition and available alternatives, which may include the potential sale, liquidation, or wind down of existing operations and assets [5]. - B. Riley Farber Inc. has been engaged as an advisor to assist in these strategic considerations and facilitate the process [5]. Company Overview - SLANG Worldwide Inc. is a leader in branded cannabis consumer packaged goods, operating in 13 legal cannabis markets across the U.S. with a diversified portfolio of five distinct brands [6]. - The company focuses on acquiring and developing market-proven regional brands and launching innovative new brands to meet evolving consumer preferences [6].